Amendment of section 139

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....may be prescribed, at any time within twenty-four months from the end of the relevant assessment year: Provided that the provision of this sub-section shall not apply, if the updated return,--  (a) is a return of a loss; or (b) has the effect of decreasing the total tax liability determined on the basis of return furnished under subsection (1) or sub-section (4) or sub-section (5); or (c) results in refund or increases the refund due on the basis of return furnished under under sub-section (1) or sub-section (4) or sub-section (5), of such person under this Act for the relevant assessment year: Provided further that a person shall not be eligible to furnish an updated return under t....

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....the Assessing Officer has information in respect of such person for the relevant assessment year in his possession under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (13 of 1976) or the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) or the Prevention of Money-laundering Act, 2002 (15 of 2003) or the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015) and the same has been communicated to him, prior to the date of furnishing of return under this sub-section; or (d) information for the relevant assessment year has been received under an agreement referred to in section 90 or section 90A in respect of such person and the same has bee....

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.... proposed to provide that the proposed sub-section (8A) shall not apply, if the updated return, is a return of a loss or has the effect of decreasing the total tax liability determined on the basis of return furnished under sub-section (1) or sub-section (4) or subsection (5) or results in refund or increases the refund due on the basis of return furnished under sub-section (1) or sub-section (4) or sub-section (5), of such person under this Act for the relevant assessment year. It is also proposed that such person shall not be eligible to furnish an updated return under this sub-section, where a search has been initiated under section 132 or books of account or other documents or any assets are requisitioned under section 132A in the ca....